The Managing Director and Chief Executive of the Federal Mortgage Bank of Nigeria, Shehu Usman Osidi has highlighted the need for Nigerians to embrace the housing interventions being driven by the Federal Ministry of Housing and Urban Development, led by Arc. Ahmed Musa Dangiwa.
He noted that subsidies and incentives are necessary tools to address the challenge of affordable housing in Nigeria.
Leading a session at the Maiden Kaduna International Housing Exhibition held on July 1-2, 2024, at the Umaru Musa Yar’adua Hall, Murtala Square, Kaduna, Osidi outlined the various efforts put in place by the government through the Federal Mortgage Bank of Nigeria to meet the housing needs of Nigerians within the low-and-middle-income brackets.
He noted that many more incentives in form of subsidies will be introduced in the coming months and years, urging Nigerians to take advantage of the available options in order to achieve their dream of homeownership.
The exhibition was a convergence of key experts in the built industry from across the globe, with a focus on the theme: “Kaduna Sustainable Housing Development – A Model for Northern Housing Reforms.”
Delivering a keynote address at the event, the Minister of Housing and Urban Development, Arc. Dangiwa identified lack of access to affordable housing finance as one of the major causes of the housing deficit in Nigeria, revealing that 80 percent of Nigerians cannot afford mortgage services.
He stressed that governments at all levels must address the issue of affordability in their desire to deliver sustainable housing solutions to the citizens.
He said, “On the whole, statistics reveal that Nigeria is a low-income country as it has only 13% of its population as middle class. The recent macro-economic challenges including inflation have made things worse.”
He commended the Governor of Kaduna State, Uba Sani for his practical, inclusive and pragmatic vision for housing delivery, part of which led to the initiative of the Maiden Kaduna International Housing Exhibition.
Earlier in his address, Governor Uba Sani who was represented by his deputy, Dr. Hadiza Balarabe, highlighted the state government’s efforts in leveraging local and international investors, social housing schemes, development lease agreements, and public housing corporations to address the housing deficit in the state.
